Iraqi crude exports disappoint

Iraq

BAGHDAD, March 1, 2016 – Figures from the Iraqi Ministry of Oil released on Tuesday revealed that oil exports averaged 3.225 million bopd in February, undercutting expectations by some 400,000 bopd.

The country had originally planned to ship more than 3.6 million bopd in order to sustain a better revenue stream in light of lower oil prices. January’s 3.283 million bopd, sold a price of around USD 23 per barrel, netted the government USD 2.26 billion. Iraq’s 2016 budget is based on an expected oil price of USD 45 per barrel.

The Iraqi government has seen steadily dwindling revenues from crude oil exports. While revenues increased in tandem with exports from USD 3.26 billion in January 2015 to USD 5.29 billion in May, income fell to USD 2.97 billion in December 2015, despite continued increases in monthly export volumes.

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